THIRD QUARTER

2017 RESULTS

3 NOVEMBER 2017

2

DISCLAIMER

"THIS PRESENTATION AND THE ASSOCIATED SLIDES AND DISCUSSION CONTAIN FORWARD-LOOKING

STATEMENTS. THESE STATEMENTS ARE NATURALLY SUBJECT TO UNCERTAINTY AND CHANGES IN

CIRCUMSTANCES. THOSE FORWARD-LOOKING STATEMENTS MAY INCLUDE, BUT ARE NOT LIMITED TO, THOSE

REGARDING CAPITAL EMPLOYED, CAPITAL EXPENDITURE, CASH FLOWS, COSTS, SAVINGS, DEBT, DEMAND,

DEPRECIATION, DISPOSALS, DIVIDENDS, EARNINGS, EFFICIENCY, GEARING, GROWTH, IMPROVEMENTS,

INVESTMENTS, MARGINS, PERFORMANCE, PRICES, PRODUCTION, PRODUCTIVITY, PROFITS, RESERVES, RETURNS,

SALES, SHARE BUY BACKS, SPECIAL AND EXCEPTIONAL ITEMS, STRATEGY, SYNERGIES, TAX RATES, TRENDS, VALUE,

VOLUMES, AND THE EFFECTS OF MOL MERGER AND ACQUISITION ACTIVITIES. THESE FORWARD-LOOKING

STATEMENTS ARE SUBJECT TO RISKS, UNCERTAINTIES AND OTHER FACTORS, WHICH COULD CAUSE ACTUAL

RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY THESE FORWARD-LOOKING

STATEMENTS. THESE RISKS, UNCERTAINTIES AND OTHER FACTORS INCLUDE, BUT ARE NOT LIMITED TO

DEVELOPMENTS IN GOVERNMENT REGULATIONS, FOREIGN EXCHANGE RATES, CRUDE OIL AND GAS PRICES, CRACK

SPREADS, POLITICAL STABILITY, ECONOMIC GROWTH AND THE COMPLETION OF ON-GOING TRANSACTIONS.

MANY OF THESE FACTORS ARE BEYOND THE COMPANY'S ABILITY TO CONTROL OR PREDICT. GIVEN THESE AND

OTHER UNCERTAINTIES, YOU ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON ANY OF THE FORWARD-

LOOKING STATEMENTS CONTAINED HEREIN OR OTHERWISE. THE COMPANY DOES NOT UNDERTAKE ANY

OBLIGATION TO RELEASE PUBLICLY ANY REVISIONS TO THESE FORWARD-LOOKING STATEMENTS (WHICH SPEAK

ONLY AS OF THE DATE HEREOF) TO REFLECT EVENTS OR CIRCUMSTANCES AFTER THE DATE HEREOF OR TO

REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS, EXCEPT AS MAYBE REQUIRED UNDER APPLICABLE

SECURITIES LAWS.

STATEMENTS AND DATA CONTAINED IN THIS PRESENTATION AND THE ASSOCIATED SLIDES AND DISCUSSIONS,

WHICH RELATE TO THE PERFORMANCE OF MOL IN THIS AND FUTURE YEARS, REPRESENT PLANS, TARGETS OR

PROJECTIONS."

3

AGENDA

1

2

3

4

5

6

HIGHLIGHTS OF THE QUARTER

KEY GROUP QUARTERLY FINANCIALS

DOWNSTREAM QUARTERLY RESULTS

CONSUMER SERVICES QUARTERLY RESULTS

UPSTREAM QUARTERLY RESULTS

SUPPORTING SLIDES

4

9

16

22

26

32

HIGHLIGHTS

OF THE

QUARTER

5

GROUP CLEAN

CCS EBITDA

WITH THE ESSENTIAL FUNDAMENTAL BUILDING BLOCKS IN PLACE

OUTSTANDING FCF GENERATION IN 2017 YTD

2016

USD 2.15 BN

GROUP CAPEX

(ORGANIC)

SIMPLIFIED FCF*

NXDSP

USD 1.0 BN

USD 1.15 BN

USD 130 MN

Q1-Q3 2017

USD 1.87 BN

USD 605 MN

USD 1.27 BN

SLIGHTLY BEHIND

112 MBOEPD 108 MBOEPD

NET DEBT/EBITDA 0.97X 0.63X

HSE – TRIR*** 1.3 1.5

2017

TARGETS

USD 2.3 BN+

USD 1.0 BN

USD 1.3 BN+

USD 160 MN

~ 110 MBOEPD

<2X

<1.7

HIGH-QUALITY

LOW-COST

ASSET BASE

SYSTEMATIC

SAFETY &

EFFICIENCY

FINANCIAL

DISCIPLINE

RESILIENT

INTEGRATED

BUSINESS

MODEL

OIL & GAS

PRODUCTION**

MOL 2030:

BUILD ON

EXISTING

STRENGTHS

* Clean CCS EBITDA less organic capex

** Including JVs and associates

*** Total Recordable Injury Rate

6

SOLID, CONSISTENT EBITDA GENERATIONRESILIENT INTEGRATED BUSINESS MODEL IN A HIGHLY VOLATILE ENVIRONMENT

EXTERNAL ENVIRONMENT* VS MOL CLEAN CCS EBITDA (USD MN)

* The quarterly % values of the Refinery Margin, Petchem Margin and Brent price are measured against their respective

maximum values (100%) in the period of Q1 2012 – Q3 2017

100% equals to the following values:

MOL Group Refining Margin: 7.3 USD/bbl; Integrated Petchem margin: 760 EUR/t; Brent crude: 119 USD

0

200

400

600

800

10%

25%

40%

55%

70%

85%

100%

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17

Clean CCS EBITDA (r.s.) MOL Group Refining Margin Integrated Petchem Margin Brent

7

Q3 2017: EBITDA BELOW POTENTIAL, STILL ROBUST FCFIN A SUPPORTIVE EXTERNAL ENVIRONMENT

FINANCIAL HIGHLIGHTS

OPERATIONAL HIGHLIGHTS

Clean CCS EBITDA around flat YoY at USD 576mn in Q3 2017, bringing Q1-Q3 EBITDA to USD 1.87bn (+12%)

Simplified FCF in Q1-Q3 rose by 25% to USD 1.27bn, nearly at the upgraded full-year target

Upstream EBITDA was up in Q3 YoY, but declined sequentially affected by lower production, higher costs;

Downstream posted lower Clean CCS EBITDA at USD 271mn in Q3, as both petchem and refining declined

Consumer Services at new all-time high EBITDA at USD 132mn (+18%), despite decelerating volume growth

Credit metrics further improved in Q3 (Net debt/EBITDA to 0.63x, net gearing to 17%)

8-for-1 stock split was successfully implemented on 26 September

All technolcogical licences and engineering resources were secured for the flagship Polyol Project;

The Europen Commission endorsed EUR 131mn regional investment aid for the Polyol Project

Oil and gas production declined by 4% QoQ in Q3 2017 to 105 mboepd on lower UK and CEE volumes

The Catcher FPSO vessel arrived at the Catcher field on 18 October and the hook up was also completed

INA: the Swiss Supreme Court rejected Croatia’s appeal of the first arbitration award, leaving the

Tribunal’s original decision in place, which dismissed all Croatia’s claims based on bribery, corporate

governance and alleged breach of the shareholders agreement

MOL plans to relocate to a new HQ building (MOL Campus) by 2021. The new 83,000 sqm office is to have

2,500 workplaces, bringing together all Budapest-based employees, redesigning employee experience

and enhancing collaboration and productivity in line with the MOL 2030 vision

OTHER HIGHLIGHTS

8

SUSTAINABLE DEVELOPMENT & HSE HIGHLIGHTS

GROUP TOTAL RECORDABLE INJURY RATE GROUP TIER 1 PROCESS SAFETY EVENTS

2.0

1.1

1.61.41.4

1.1

Q3 2016Q2 2016 Q3 2017Q2 2017Q1 2017Q4 2016

11

2

3

2

1

Q3 2017Q2 2017Q3 2016Q2 2016 Q1 2017Q4 2016

Deteriorating TRIR due to 3 contractor fatalities and

higher number of personal injuries

1 PSE event in Q3 in the Sisak refinery due to crude oil spill

RECOGNIZING SUSTAINABILITY GROUP & BUSINESS HIGHLIGHTS

GROUP

MOL Group launched the unconscious

behaviour program to avoid unconscious

human errors which constitute the majority of

recordable injuries

DOWNSTREAM

Ecotank pilot launched in 4 Slovnaft service

stations: customers can now fill windshield

washer fluid directly from the fuel dispenser,

minimizing packaging waste

HUMAN RESOURCES

188 Growwwers were officially welcomed by

MOL Group management at Growww

Onboarding Days in Budapest

MOL Group has been

included in the Dow Jones

Sustainability World Index

for the second

consecutive year, placing

MOL in the top 15% of

integrated O&G

companies based on

corporate sustainability

performance

This is first time MOL remains in the index. MOL Group is still

the only CEE company to be included in the DJSI.

Furthermore, MOL Group has been awarded a silver rating

by EcoVadis Supplier Sustainability Ratings

KEY GROUP

QUARTERLY

FINANCIALS

10

AROUND FLAT EBITDA YOY IN Q3 2017WEAKER DOWNSTREAM CONTRIBUTION WEIGHTED ON Q3 RESULTS

Downstream

Flat EBITDA YoY, as refinery margin strength was

not fully reflected in earnings

Consumer Services

Both fuel and non-fuel enjoyed sustained growth

Upstream

Higher oil and gas prices boosted EBITDA

Gas Midstream

Strong volumes drove EBITDA growth

Q3 COMMENTS

282

918 923

482635

240

+12%

Q1-Q3 2017Q1-Q3 2016

142-118-117

1,665

151

1,873

112 95 132

299 327 271

167228

188

614

488

571

Q2 2017

576

-6044

Q2 2016

-16%

Q3 2017

-2%

45

Q4 2016

-36

587

Q3 2016

684

-4 37

Q1 2017

US C&O (incl. inters)GMDS CS

SEGMENT CLEAN CCS EBITDA (USD mn)

SEGMENT CLEAN CCS EBITDA YTD (USD mn)

US GMCSDS C&O (incl. inters)

Q1-Q3 COMMENTS

Downstream

Strong refinery margins were offset by softer sales

margins, weaker petchem margin and other items

Consumer Services

Tailwind remains despite some deceleration in

volume growth

Upstream

Higher prices offset by weaker volumes, higher costs

Gas Midstream

Higher volumes vs. adverse tariff changes

11

ORGANIC CAPEX FLAT IN Q3LOWER UPSTREAM SPENDING OFFSET BY HIGHER DOWNSTREAM CAPEX IN Q3 TOO

Organic capex was nearly unchanged both YoY

and QoQ at USD 249mn in Q3 2017

Total Q1-Q3 2017 capex of USD 605mn was down

21% YoY (or 8% down for organic capex)

There was no material M&A in 2017 ytd

Organic E&P spending fell 25% in Q3 YoY to USD

75mn (and -41% to only USD 200mn in Q1-Q3) on

lower UK capex and some timing issues

Organic Downstream capex rose in Q3 and in Q1-

Q3, driven by the timing of maintenance activities

Consumer Services capex was up YoY, in line with

plans, mostly driven by the non-fuel concept

rollout and post-M&A rebranding

TOTAL GROUP CAPEX (USD mn) COMMENTS

TOTAL GROUP CAPEX YTD (USD mn)

98136 125

10075

13

109

329

8

253

12 30

69

-26% +1%

Q3 2017

249

6

Q2 2017

247

525

Q1 2017Q4 2016Q3 2016

335

926

93

Q2 2016

Organic C&O (incl. intersegment)

Organic GM

Organic CS

Organic DS

Organic US

Inorganic CS

224296

341 200

3324

-21%

Q1-Q3 2017

605

1165

Q1-Q3 2016

766

12 53

111

Organic C&O (incl. intersegment)

Organic GM

Organic CS

Organic DS

Organic US

Inorganic CS

12

ROBUST SIMPLIFIED FCF CONTINUESUPSTREAM DRIVING THE GROWTH IN FCF GENERATION YTD

SIMPLIFIED FCF* YTD (USD mn)

SIMPLIFIED FCF* (USD mn)

201 191 146

504

159

336

10285

113159

437

-5% -25%

Q3 2017

327

-73

38

Q2 2017

-1632

71

Q1 2017Q4 2016Q3 2016

346

-4436

67

Q2 2016

C&O (incl. inters)GMCSDSUS

694 627

-151

435

+26%

Q1-Q3 2017

1,268

140

217

Q1-Q3 2016

1,010

-142130

187

141

C&O (incl. inters)GMCSDSUS

Q3 COMMENTS

Group-level simplified FCF (Clean CCS EBITDA less

organic capex) slightly down (-6%) in Q3 2017 to

USD 327mn

Upstream and Consumer Services posted

remarkable FCF growth

Downstream FCF was under pressure in Q3 due to

weaker EBITDA and higher capex

Q1-Q3 COMMENTS

Group-level simplified FCF generation rose by 25%

in Q1-Q3 2017 to USD 1,268mn, getting close to the

upgraded full-year guidance of USD 1.3bn+

Upstream turned into a material FCF contributor

and increased FCF by more than 3x YoY

Downstream FCF was down ytd due to the weaker

3Q performance

Consumer Sevices and Gas Midstream FCF were up

in Q1-Q3 2017

* Simplified Free Cash Flow = Clean CCS EBITDA – organic CAPEX

13

STRONG REPORTED NET INCOME, EPS YTDREFLECTING TRENDS IN UNDERLYING OPERATIONS

DD&A remained at normalized levels in Q1-Q3 2017

USD 41mn CCS modification reduced reported earnings

Minor special items (net USD 10mn charge)

Financial items: FX gains (USD 52mn) on stronger HUF/

weaker USD + shrinking net interest expenses

Associates: positive contribution (Pearl, Baitex, MET)

Deferred tax expenses (USD 61mn) added to P&L taxes

Non-controlling interest: profitable INA

635

1,832

778

1,044

180

923

282

Upstream

Downstream

Consumer Services

Other

Profit for the period to

equity holders of the parent

Non-Controlling Interests

Income tax expense

Profit before tax

Income from associates

Total finance expense/gain,

net

Profit from operation

DD&A and impairments

Special items(EBITDA)

EBITDA excl. spec. Items

CCS Modifications

Clean CCSEBITDA

1,873

823

13 26

1,057

54

4133 10

COMMENTS

Q1-Q3 2017 EARNINGS (USD mn)

EPS (HUF)

68

126133

61

93108

97119

74

37

-600

0

50

100

150

Q3 2017

Q2 2017

Q1 2017

Q4 2016

Q3 2016

Q2 2016

Q1 2016

Q4 2015

-594

Q3 2015

Q2 2015

Q1 2015

14

VERY HEALTHY OPERATING CASH FLOWSQ3 BROUGHT FURTHER REVERSAL OF THE LARGE NWC BUILD SEEN IN Q1

Operating Cash Flow before Working Capital increased to USD 1.66bn, up by 14% YoY in Q1-Q3 2017, in line with

the increase in EBITDA

Decreasing net working capital in Q3 further reversed the large seasonal build reported in Q1, leaving only USD

63mn net working capital build for Q1-Q3 2017, smaller than a year ago

As a result, Operating Cash Flow grew by 32% YoY to a hefty USD 1.6bn...

…which very comfortably covered organic CAPEX as well as dividends and allowed for material balance sheet

strengthening in 2017 ytd

COMMENTS

OPERATING CASH FLOW YTD (USD mn)

605

1,5971,659

111

1,057

778

Organic CAPEXOperating CFChange in WC

63

Operating CF before WC

Other

64

Income tax paidDD&AProfit Before Tax

15

BALANCE SHEET EVEN STRONGER IN Q3NET DEBT/EBITDA WELL WITHIN THE COMFORT ZONE

Net Debt/EBITDA fell further to 0.63x, net gearing to 17%

on the very strong FCF generation

Substantial decline in debt level in 2017 to date

Considerable financial headroom and liquidity

maintained

-32%

HUF and other*

EUR

USD

Q1-Q3 2017

597

5%

64%

31%

FY 2016

877

3%

71%

26%

0.630.75

0.880.97

0.74

1.31

0.79

1.381.44

1.721.66

1.96

2.5

2.0

1.5

1.0

0.5

201020092008 H1 2017

Q1 2017

201620152014201320122011 Q1-Q3 2017

17

21

2425

2120

16

2528

3133

36

0

5

10

15

20

25

30

35

40

H1 2017

Q1 2017

201620152014201320122011201020092008 Q1-Q3 2017

NET DEBT TO EBITDA (x) GEARING (%)

CURRENCY COMPOSITION DEBT (HUF bn) COMMENTS

DOWNSTREAM

Q3 2017 RESULTS

17

SHRINKING CLEAN CCS DS EBITDADESPITE SPIKE IN REFINERY MARGIN IN SEPTEMBER

QUARTERLY CLEAN CCS EBITDA (USD mn)

KEY FINANCIALS (USD mn) COMMENTS

127133

115

324

233

337

156194173

-9% -17%

Q3 2017

271

Q2 2017

327

Q1 2017Q4 2016Q3 2016

299

Q2 2016

Q3 2017Q3 2016

Restated

YoY

Ch %

Q1-Q3

2017

Q1-Q3

2016

Restated

Ch %

EBITDA 254 309 (18) 882 949 (7)

EBITDA excl.

spec.254 309 (18) 882 949 (7)

Clean CCS

EBITDA271 299 (9) 923 918 1

o/w Petchem 115 127 (9) 371 453 (18)

EBIT 166 226 (27) 623 693 (10)

EBIT excl. spec. 166 226 (27) 623 693 (10)

Clean CCS EBIT 183 217 (16) 664 662 0

R&M

Petchem

Downstream Clean CCS EBITDA came in 9% lower in Q3

2017 YoY at USD 271mn affected by shrinking refining &

petchem contribution

The positive impact of macro tailwind (2.7 USD/bbl

complex margin increase) was more than offset by

lower wholesale margins, lower own produced product

sales, rising OPEX and one-off items in R&M…

…while petrochemicals were affected by normalizing

margins (IM: -92 EUR/t)

TOTAL PRODUCT SALES (kt)

4,957 4,599 5,003

4,216

4,9514,856

Q2 2016

5,355

Q4 2016 Q3 2017

352

Q3 2016

5,254

297

+9%+2%

Q2 2017

4,930

331

Q1 2017

Total petrochemicals products

Total refined products

18

HIGHEST REFINING MARGINS SINCE 2015PETCHEM MARGINS FURTHER RETREATING

REFINING MARGIN (USD/bbl)

INTEGRATED PETCHEM MARGIN (EUR/t)

COMMENTS

6.4

4.7

5.75.8

4.9

6.6

2.61.8

1.41.1

7.3

8.0

7.07.07.16.46.3

8.07.87.3

3.02.5

3.8

5.1

0

1

2

3

4

5

6

7

8

9

6.5

Q4 2016

6.6

Q3 2016

5.3

Q2 2016

Q1 2016

Q4 2015

5.9

Q3 2015

6.9

Q2 2015

Q1 2015

6.2

Q4 2014

5.6

4.6

Q2 2014

4.0

Q1 2014

Q3 2017

Q2 2017

Q4 2013

Q3 2013

2.3

Q2 2013

2.7

Q1 2013

3.9

Q1 2017

+52%

0

700

600

500

800

400

300

-16%

Q3 2017

498

Q2 2017

584

Q1 2017

539

Q4 2016

505

Q3 2016

590

Q2 2016

657

Q1 2016

702

Q4 2015

700

Q3 2015

747

Q2 2015

760

Q1 2015

511

Q4 2014

514

Q2 2014

291

Q1 2014

299

Q4 2013

273

Q3 2013

303

Q2 2013

313

Q1 2013

289

Total MOL Group refinery margin

Complex refinery margin (MOL+SN)Refining: very supportive margin environment

throughout the driving season with further boost

from supply disruptions in the US in the first half of

September

Gasoline cracks at broadly normalized levels in

October

Middle-distillate cracks remain supportive for now

on tighter markets

Ural-Brent spread narrowed materially in Q3, now

flat to slightly wider in October

Petchem macro: integrated margin further

retreated in Q3, but it remains above mid-cycle

level

Butadiene prices and margins fully normalized

after the Q1/Q2 peak

19

LOWER CCS EBITDA IN Q3 2017 YOYAS LOWER SALES MARGINS AND C. USD 50MN ONE-OFF-LIKE ITEMS HIT R&M EBITDA IN Q3

CLEAN CCS EBITDA YTD (USD mn) COMMENTS

CLEAN CCS EBITDA YoY (USD mn) COMMENTS

64

54

156

254

115127

R&M

Petchem

EBITDA Q3 2017

CCS modification

& one-off

17

Clean CCS EBITDA Q3 2017

OtherVolumes

13

Petchem price & margin

25

R&M price & margin

Clean CCS EBITDA Q3 2016

299

173

2.7 USD/bbl higher complex ref.

margin offset by lower wholesale

margin (-1.5 USD/bbl vs base)

100kt+ lower own diesel sales

partly compensated by higher

petchem volumes

Higher OPEX on the timing of the

turnarounds (more in Q3); higher

stockpiling fee in Slovakia

Total one-off-like impact in R&M:

USD ~50mn (o/w USD ~20mn may

be reversed in Q4 – timing issues)

1.3 USD/bbl complex margin

expansion in refining …

… partly offset by 125 EUR/t drop in

the integrated petchem margin

Lower processed volumes in R&M

on unplanned events & T/A

activities

Other items: influenced by higher

OPEX and increase of stockpiling

fees in Slovakia

465

20298

551

882

371453

R&M

Petchem

EBITDA Q1-Q3 2017

CCS modification

& one-off

41

Clean CCS EBITDA Q1-

Q3 2017

Other

64

Volumes

35

Petchem price & margin

R&M price & margin

Clean CCS EBITDA Q1-

Q3 2016

918 923

271

Note: price & margin includes FX impact

20

DS2022: A MAJOR MILESTONE TOWARDS MOL 2030

EMPLOYEES'

ENGAGEMENT

BEST IN THE

REGION

DS EBITDA

1.5+USD BN

OTHER

STRATEGIC

USD 180 MN

EBITDA

UPLIFT

ROADMAP

2030

EFFICIENCY &

FLEXIBILITY

THE BEST CHOICE OF EMPLOYEES, CUSTOMERS,

INVESTORS

GROWTH

(POLYOL)

USD 140 MN

EBITDA

UPLIFT

SAFETY

1ST

QUARTILE

EFFICIENCY

USD 180 MN

EBITDA

UPLIFT

TRANSFORMATION

CUSTOMER

SATISFACTION

95%

21

USD 500MN INCREMENTAL EBITDA BY 2022FROM TRANSFORMATIONAL PROJECTS AND EFFICIENCY (USD 2.1BN TOTAL CAPEX)

INCREMENTAL EBITDA CONTRIBUTION (USD MN) CAPEX SPENDING (USD MN)

Polyol plant will reach full capacity in 2023 with an estimated USD 170mn yearly EBITDA contribution

Other strategic projects

Include INA Delayed Coker, which accounts for 50%+ of capex

Steam crackers debottlenecking projects are in early phase of discussion, hence not included yet in

DS2022. These projects may add to DS2022 scope in the coming years.

Efficiency: Partly reversing the effect of offsetting items seen in 2016-17; targeting improvement in asset

availability and market position and strong focus on energy efficiency

DS2022 aims for continuation of superior margin delivery, which fully offsets macro decline

2022

135

Total

180

500

140

180

2021

175

2020

40

2019

50

2018

100

Efficiency

Growth (Polyol)

Other strategic

25

2022

2,100

900

180

Total2021

1,020

170

2020

690

2019

830

2018

270

2017

115

CONSUMER SERVICES

Q3 2017 RESULTS

23

CONTINUED GROWTH LEADS TO BEST EVER Q3BOTH FUEL AND NON-FUEL CONTRIBUTION EXPAND

EBITDA YoY (USD mn)QUARTERLY EBITDA (USD mn)

EBITDA YTD (USD mn)

132

95

5567

112

81

38%18%

Q3 2017Q2 2017Q1 2017Q4 2016Q3 2016Q2 2016

Q3 2017Q3 2016

Restated

YoY

Ch %

Q1-Q3

2017

Q1-Q3 2016

RestatedCh %

EBITDA 132 112 18 282 240 17

EBIT 109 89 22 217 175 24

CAPEX and

Investments30 120 (75) 65 164 (60)

KEY FINANCIALS (USD mn)

EBITDA up 18% YoY, as both fuel and non-fuel earnings

continue to grow

Fresh Corner roll-out and ENI re-branding make up

almost half of total CAPEX during Q3.

Continued roll-out of Fresh Corner supports non-fuel;

M&A contributes albeit to a lower extent

Higher OPEX partly driven by increases to minimum

wage in Hungary, Romania and Czech impacts results

57

12

EBITDA Q3 2017

(Reported)

132

FXEBITDA Q3 2017

(Constant FX)

127

Others

4

Non-fuel margin

Fuel volume & margin

EBITDA Q3 2016

(Reported)

112

38

18 15

1

Fuel volume & margin

240

EBITDA Q1-Q3 2017

(Constant FX)

Non-fuel margin

282

EBITDA Q1-Q3 2016

(Reported)

FX EBITDA Q1-Q3 2017

(Reported)

281

Others

24

FUEL SALES VOLUMES UP 3% YOYAS GROWTH IN VOLUME DECELERATES

TOTAL VOLUMES SOLD (kt)CEE1 MOTOR FUEL DEMAND (2008 = 100%)

COMMENTS

0.86

0.76

0.650.71

0.83

0.74

4%

Q3 2017Q2 2017Q1 2017Q4 2016Q3 2016Q2 2016

0.85

0.90

0.95

1.00

1.05

1.10

2017 YTD

201620152014201320122011201020092008

1 Hungary, Slovakia, Czech Rep. and Romania based on oil association figures.

Croatia, Slovenia, Bosnia-H. and Serbia based on estimates.

981

11%3%

Q2 2017

1 145

Q1 2017Q4 2016

1 075

Q3 2016

1 229

Q2 2016

1 053

Q3 2017

1 267

CEE fuel demand continued to grow in Q1-Q3 (+4%

YoY) as total motor fuel consumption is above pre-

crisis level

Q3 like-for-like sales volumes up by 3% YoY, and like-

for-like sales for the nine months up 5% YoY, slightly

ahead of market

Fuel throughput per site rose in Q3 (+4% YoY).

Former ENI Hungary sites continue to achieve

consistent double-digit growth as they catch up.

FUEL THROUGHPUT / SITE (mn litres)

25

NON-FUEL CONTINUES TO OUTGROW FUEL

The number of Fresh Corners continues to rise, as

almost all acquired ENI sites in Hungary and Slovenia

have been rebranded

42

91

167

248

303331

363

23226

Q2 15 Q1 17Q4 16Q3 16Q2 16Q1 16Q4 15Q3 15 Q3 17Q2 17

24%

23%

77%

Q3 17

76%

Q2 17

76%

24%

Q1 17Q4 16Q3 16

77%

23%

Q2 16

24%

76%

25%

75%

FuelNon-fuel

TOTAL NUMBER OF FRESH CORNERS TOTAL MARGIN SPLIT

Total margin continues to rise, with non-fuel

margin growth continuing to outpace fuel margin

growth, increasing its contribution to 24% in Q3 17

FORMER ENI SITES ALMOST FULLY REBRANDED, FRESH CORNER EXPANSION CONTINUES

UPSTREAM

Q3 2017 RESULTS

27

E&P EBITDA UP 12% YOY, BUT DOWN FROM Q2EARNINGS DYNAMICS AFFECTED BY PRODUCTION, OPEX

Q3 2017 EBITDA ex-spec up 12% YoY, but down from the

inflated (by non-recurring revenues in Egypt) Q2 level

Special item in Q3: settlement of legal/commercial

dispute in Hungary (USD -27mn)

Simplified FCF remained very strong at USD 113m and at

double-digit level (USD 12/boe)

188228219

169 193167

-18%+12%

Q2 2017Q1 2017Q4 2016Q3 2016Q2 2016 Q3 2017

46.3

47.4

48.7

44.6

41.1

54.1

29.527.929.0

27.627.2

26.8

30.5

37.7 37.537.238.536.0

33.7

40.1

45.0

52.149.8

53.849.5

45.845.6

61.9

20

25

30

35

40

45

50

55

60

65

38.1

Q1 2016

33.9

30.829.231.9

Q4 2015

43.7

35.4

40.6

Q3 2015

50.3

35.7

44.9

Q2 2015

Q3 2017

Q2 2017

Q1 2017

Q4 2016

Q3 2016

Q2 2016

32.2

Brent dated (USD/bbl)

Total hydrocarbon price (USD/boe)

Average realised gas price (USD/boe)

Crude oil and condensate price (USD/bbl)

QUARTERLY EBITDA (ex-spec) (USD mn) REALIZED HYDROCARBON PRICE

KEY FINANCIALS (USD mn) COMMENTS

Q3 2017Q3 2016

Restated

YoY

Ch %

Q1-Q3

2017

Q1-Q3

2016

Restated

Ch %

EBITDA 161 167 (4) 625 482 30

EBITDA excl.

spec.188 167 12 635 482 32

EBIT 24 52 (53) 253 98 157

EBIT excl. spec 51 52 (1) 263 98 167

Notes: consolidated figures, unless otherwise indicated

QUARTERLY SIMPLIFIED FCF (USD mn)

127163

37 113159

67

+68%

Q3 2017Q2 2017Q1 2017Q4 2016Q3 2016Q2 2016

-29%

28

Unit EBITDA

MUCH IMPROVED FCF IN 2017 AT LOW OIL PRICES

QUARTERLY PRICE REALISATION, EBITDA, FCF (USD/boe)

12 16 1612

38373936

0

10

20

30

40

50

6052

Q2 2017

50

23

Q1 2017

20

34

7

Q2 2016

46

16

32

4

54

Q3 2017

22

Q4 2016

49

19

Q3 2016

46

17

Brent price

Realised HC price

Unit FCF*

30 2415

8

38

6269

76

0

20

40

60

80

100

120

42

2013

33

1

19

2014

41

2016

33

16

112

2012 2017 YTD

6

21

109

99

52 5244

2015

43

ANNUAL PRICE REALISATION, EBITDA, FCF (USD/boe)

Unit EBITDA

Brent price

Realised HC price

Unit FCF*

* Based on: Simplified FCF = EBITDA Excl. Special Items – Organic CAPEX

WITH STRONG FOCUS ON VALUE CREATION ON EXISTING BARRELS

29

EBITDA SEQUENTIALLY LOWERAFFECTED BY LOWER PRODUCTION, HIGHER OPEX, FX AND A HIGH BASE IN Q2

UPSTREAM EBITDA QoQ (USD mn) COMMENTS

Notes: consolidated figures, unless otherwise indicated

Higher Brent (+2 USD/bbl) and

realized gas prices QoQ

Lower production (in high-

margin UK and CEE)

Higher lifting cost driven by

annual turnarounds, one-off UK

costs and adverse FX moves

Lack of non-recurring items (vs.

USD 20mn in Q2 in Egypt)

UPSTREAM EBITDA YTD (USD mn) COMMENTS

120

44

372

5

Depreciation ex-oneoff

EBITDA ex-oneoff Q1-

Q3 2017

635

Other EBIT ex-oneoff Q1-

Q3 2017

263

Lifting costExploration Expenses

4

Volumes

20

PricesEBITDA ex-oneoff Q1-

Q3 2016

482

Brent rose by 24% (+USD

10/bbl) vs. 1-3Q 2016

Lower production (-4% or

4mboepd less)

Other items include USD 20mn

receivables collection in

Egypt; lower G&A expenses;

other smaller items

51

2719

21

11

EBIT ex-oneoff Q3 2017

EBITDA ex-oneoff Q3 2017

188

OtherLifting costExploration Expenses

0

VolumesEBITDA ex-oneoff Q2 2017

Prices

137

Depreciation ex-oneoff

228

30

LOWER PRODUCTION IN Q3 2017ON SEASONAL TURNAROUNDS AND ISSUES WITH SCOLTY & CRATHES (UK)

44.2 44.1 44.4 42.7 43.0 42.1

36.2 35.2 36.936.0 35.7 35.1

7.4 7.48.7

8.35.9

7.49.0 6.8

8.48.37.9

104.0

4.1

0.0

Q2 2017

109.08.0

113.1

Q2 2016

1.5

3.83.0

8.3

109.2

Q3 2016

0.5

3.82.8

8.7

112.4

Q4 2016

1.5

4.13.3

-4% -4%

Estimate

Associatedcompanies

Other

KRI

0.0

3.82.6

8.8

111.2

Q1 2017

0.0

3.9

UK

2.4

Pakistan

Russia

Croatia

Hungary

October estimate

Q3 2017

104.5

8.5

2.33.6

8.7

QUARTERLY PRODUCTION BY COUNTRY (mboepd) COMMENTS

QoQ:

UK: -2.7 mboepd; seasonal

maintenance across fields and

continued waxing problems

with Scolty & Crathes

CEE: -1.5 mboepd on planned

and unplanned downtime

YoY:

Inorganic: -1.5 mboepd on MV

divestment (Russia)

CEE : -2.1 mboepd (o/w -1.7

mboepd off-shore on natural

decline)

UK: -1.8 mboepd on Cladhan

Material growth in Pakistan

(+1.3 mboepd)

October production:

Affected by STaR turnaround

and S&C issues in the UK

31

UNIT OPEX JUMPED IN Q3, TEMPORARILYLIFTING COSTS WERE AFFECTED BY LOWER VOLUMES, TURNAROUNDS, UK COSTS, FX

Group level unit opex (direct production cost) including

JVs and associates jumped in Q3 to USD 7.0/boe

The increase was driven by lower production (+USD

0.2/boe), weaker USD (+USD 0.5/boe) and higher costs

(+USD 0.6/boe), latter primarily driven by the UK (c. USD

0.4/boe)

Part of the increase is of seasonal, non-recurring nature

UNIT OPEX 2014 TO DATE (USD/boe)

6.2

6.0

7.37.7 7.8

6.36.36.36.47.56.9

6.57.5

5

6

7

8

9

10

Q4 2016

Q1 2017

5.7 5.75.8

Q2 2016

Q3 2016

Q1 2016

Q4 2015

Q2 2015

Q3 2015

7.3

5.7

7.0

Q2 2017

Q3 2017

8.0

COMMENTS

CAPEX (USD mn)Organic capex fell 41% in 1-3Q 2017 YoY to USD 200mn,

primarily due to lower UK development spending and

some timing issues

USD 9mn spending in the CIS (Baitugan+FED,

accounted for among „JVs and associates”)263

147

48

31

-41%

Q1-Q3 2017

200

29

0 24

Q1-Q3 2016

341

0

Other M&A ExplorationDevelopment

6.6 6.8

+2.8%

Q1-Q3 2016 Q1-Q3 2017

UNIT OPEX YTD (USD/boe)

YTD lifting cost well contained, onyl marginally up

to USD 6.1/boe at Group level despite the Q3

development (and to USD 6.8/boe at flly

consolidated subsidiaries)

Group (incl. JVs/associates) Fully consolidated subs.

6.0 6.1

+2.4%

Q1-Q3 2016 Q1-Q3 2017

GROUP (INCL. JVS/ASSOC.) FULLY CONSOLIDATED SUBS.

SUPPORTING

SLIDES

33

UPSTREAM & DOWNSTREAM EBITDA CHANGES

Key drivers in Q3 2017 YoY

Higher Brent oil price (+14%

YoY) and higher realized gas

prices (+8% YoY)

Lower production volumes (-

4% YoY)

Higher lifting costs (higher costs

in the UK; turaround activities;

weaker USD)

UPSTREAM EBITDA YoY (USD mn) COMMENTS

DOWNSTREAM EBITDA QoQ (USD mn) COMMENTS

Key drivers in Q3 2017 QoQ

Stronger refinery margin (MOL

complex margin +1.0 USD/bbl)

Weaker sales margin across CEE

Lower petchem margins (incl.

on butadiene)

Planned and unplanned

shutdowns, one-offs

194

2655

156

254

115

133

R&M

Petchem

EBITDA Q3 2017CCS modification & one-off

17

Clean CCS EBITDA Q3 2017

328

Other

10

Volumes

17

Petchem price & margin

R&M price & margin

Clean CCS EBITDA Q2 2017

327

10

34

EBITDA ex-oneoff Q3 2016

167

EBIT ex-oneoff Q3 2017

51

Depreciation ex-oneoff

137

EBITDA ex-oneoff Q3 2017

188

Other

6

Lifting costExploration Expenses

1

Volumes

11

Prices

271

34

UPSTREAM: OPERATIONAL UPDATE (1)

Scolty and Crathes (MOL 50% WI, non-operated):

production remained constrained due to wax build up

in the pipeline. Chemical treatments have been carried

out allowing production to continue at reduced rates.

Concept evaluation and testing is ongoing to finalise

remediation strategy with the JV partner.

Catcher (MOL 20% WI, non-operated): FPSO arrived in

the Catcher field on 18 October. The hook up of the

Submerged Turret Production (“STP”) buoy mooring

system was completed on 19 October with the vessel

successfully completing a rotation test. The final pull-in

of the risers and umbilicals is underway and

commissioning activities have also commenced.

Scott, Telford, Rochelle: Infill programs prolonging

asset’s lifetime continued. Two out of three Scott infill

injection wells have been completed and the third (J43)

is ahead of schedule.

Non-operated exploration well (Hyrokkin) was drilled

below budget, ahead of schedule, but proved to be

dry. Another exploration well (Raudasen) is to be drilled

in 2018. Drill or drop decisions with JV partners on 8

licences are scheduled for 2018 Q1.

Application was submitted for 4 new licences (of which 2

are operated) in APA 2017 Licensing Round.

United KingdomHungary

Croatia

Norway

Q3 production continued to be hit by unplanned

shutdowns and water cut increment. Corrective

actions have been initiated and ongoing.

Within the frame of Production Optimisation 14

workovers were completed in Q3 with production

uplift of 2.5 mboepd. Fracking campaign on 10 wells

finished, a new campaign is being prepared.

Tóalmás-É-2 appraisal well was drilled, testing is

ongoing. Kág-5 exploration well was dry. Two

exploration drillings are scheduled for Q4 2017 (one

of which is already drilling).

Algyő Power Plant installation has been completed,

test run is ongoing

Within the frame of Production Optimisation 9 well

workovers were completed and 7 inactive wells were

treated by Production Revitalisation measures in Q3

Phase II Ivanić- Žutica EOR ongoing with well re-lining

workovers and CO2 injections on 12 wells

Vučkovec and Zebanec fields' production constraints

have been resolved and are now in full production

after a regulatory rule revision in late July

Drilling to start on Severovci-1 in Drava-02 licence,

second well is expected in 2018

35

UPSTREAM: OPERATIONAL UPDATE (2)

Production of the Baitugan field (MOL 51% WI,

operated) declined by 3% in Q3 2017 QoQ due to base

decline and various technical problems

To offset decline, 7 additional wells were approved in

August; altogether 18 wells were drilled in Q3. The

workover program continued with 14 commingling, 3

regular acid treatments and 2 pump replacements

completed in Q3.

A road map for project development has been

finalised and agreed by the Partners. Scopes of work

for the engineering of a Trial Production Project are

complete and a Partner review is in progress.

Alignment with Partners is ongoing about exploration

licence extensions.

Overall production in Q3 (net to MOL) increased by

17% YoY and 4% QoQ to 8.7 mboepd. TAL block

gross production was 85 mboepd in Q3 2017 (MOL

8.421% Dev. WI; 10.5% Expl. WI, operated)

Makori East-6 was drilled in Q3, testing is in

progress. Mardankhel-2 gas and condensate well

was completed. Makori Deep-1 well was

commissioned in July and in production since.

Tolanj Production Facility and Tolanj X-1 Flowline

projects are in progress.

Seismic data interpretation on TAL upside potential

continued during Q3 2017

MOL’s well established presence in the country is

utilised to pursue further opportunities

Russia

Pakistan

Kazakhstan

Oman

Shaikan production was slightly lower in Q3 QoQ, but in

line with the operator’s full-year gross production

guidance of 32-38 mbpd. Monthly payments of USD 3mn

were stable in Q3. The independence referendum has

so far had no impact on the marketing of Shaikan

crude.

Pearl Q3 2017 production was stable YoY

Kurdistan Region of Iraq

36

UPSTREAM CAPEX BY REGION AND BY TYPE

CAPEX BY REGION AND BY TYPE (HUF bn)

HUN CRO KRI RUS PAK UK NOR OTHER Q1-Q3 2017 Q1-Q3 2016

EXP 6.0 0.2 0.0 0.0 1.2 0.0 0.5 0.0 8.0 13.3

DEV 12.1 12.7 0.3 0.0 1.1 13.9 0.0 0.3 40.4 73.5

M&A 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Other 2.7 3.8 0.0 0.0 0.0 0.2 0.0 0.0 6.7 8.5

Q1-Q3 2017 21.0 16.8 0.3 0.0 2.3 14.2 0.5 0.3 55.2

Q1-Q3 2016 19.8 18.7 1.1 0.2 3.2 42.4 1.3 8.5 95.4

CAPEX BY REGION AND BY TYPE (USD mn)

HUN CRO KRI RUS PAK UK NOR OTHER Q1-Q3 2017 Q1-Q3 2016

EXP 21.6 0.8 0.0 0.0 4.4 0.0 2.0 0.0 28.8 47.7

DEV 44.0 46.3 1.2 0.0 3.9 50.3 0.0 1.0 146.8 262.8

M&A 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Other 9.8 13.7 0.0 0.0 0.0 0.8 0.0 0.0 24.3 30.8

Q1-Q3 2017 75.4 60.8 1.2 0.0 8.3 51.1 2.0 1.0 199.9

Q1-Q3 2016 71.1 66.9 4.0 0.9 11.5 151.6 4.7 30.6 341.4

37

GAS MIDSTREAM: KEY FINANCIALS

Q3 2017 EBITDA was around flat YoY in

USD-terms and modestly lower in HUF

Strong demand for short-term

capacity products and higher usage of

gas storages triggered significant

volume growth (domestic transmission

+70% YoY), which was, however, fully

offset by adverse tariff changes and

higher opex (on higher energy costs)

Non-regulated transit volumes were

flat, while revenues fell in Q3 YoY on

lower contracted prices

EBITDA (USD mn) CAPEX (USD mn)

KEY FINANCIALS (USD mn) COMMENTS

Q3 2017 Q3 2016YoY

Ch %Q1-Q3 2017Q1-Q3 2016 Ch %

EBITDA 44 45 (2) 151 142 6

EBITDA excl. spec.

items44 45 (2) 151 142 6

Operating

profit/(loss)32 33 (4) 117 107 9

Oper. Prof ex.

spec. items32 33 (4) 117 107 9

CAPEX and

investments6 9 (40) 11 12 (6)

4437

70

5145

30

+20%-2%

Q2 2017Q1 2017Q4 2016Q3 2016Q2 2016 Q3 2017

65

1

14

9

2

Q2 2017Q1 2017Q4 2016Q3 2016Q2 2016 Q3 2017

38

Total workforce

No of ethical reports

HC Spill above 1m3 (m3)CO2 under ETS (mn t)

SD & HSE INDICATORS

0.013.8

114.3

469.2

5.023.7

500

400

300

200

100

Q3 2017

Q2 2017

Q1 2017

Q2 2016

Q3 2016

Q4 2016

41393229

2118

40

60

20

Q2 2016

Q3 2016

Q4 2016

+5%

Q1 2017

Q2 2017

Q3 2017

16216082

1,163

217250200

400

1,200

600

800

1,000

+1%

Q3 2017

Q2 2017

Q1 2017

Q4 2016

Q3 2016

Q2 2016

10.19.410.7

12.414.4

16.3

15

20

5

10

+7%

Q3 2017

Q2 2017

Q1 2017

Q4 2016

Q3 2016

Q2 2016

26,21626,06725,844

24,98625,32625,363

23,000

24,000

25,000

26,000

27,000

Q1 2017

Q3 2017

+1%

Q2 2017

Q4 2016

Q3 2016

Q2 2016

1.01.0

2.0

3.0

2.0

1.01

3

2

Q4 2016

Q2 2017

Q3 2017

0%

Q1 2017

Q3 2016

Q2 2016

17

79

745

5

20

15

10

Q2 2016

Q4 2016

Q2 2017

Q3 2017

Q1 2017

Q3 2016

2,3622,4462,760

3,1003,653

4,129

1,000

4,000

3,000

2,000

5,000

Q4 2016

Q2 2017

Q3 2017

-3%

Q1 2017

Q3 2016

Q2 2016

Donations (mn HUF)

Turnover rate (%)

Tier1 PSE

Ethical misconducts

Leavers (12M rolling)

1.51.51.61.71.5

1.3

0.5

1.0

1.5

2.0

Q4 2016

Q1 2017

Q2 2017

Q3 2017

+3%

Q3 2016

Q2 2016

39

MACRO INDICATORS

HUF / USD (Q avg.)

HUF/EUR (Q avg.)

FUEL OIL

BRENT (USD/bbl) REFINERY MARGIN (USD/bbl)

PETCHEM MARGIN (EUR/t)BRENT URAL SPREAD (USD/bbl)

GAS OILPREMIUM UNLEADED GASOLINE

20

40

60

80

100

120

Q3 17

Q1 17

Q3 16

Q1 16

Q3 15

Q1 15

Q3 14

Q1 14

Q3 13

Q1 13

Q3 12

Q1 12

0

2

4

6

8

10

Q3 17

Q1 17

Q3 16

Q1 16

Q3 15

Q1 15

Q3 14

Q1 14

Q3 13

Q1 13

Q3 12

Q1 12

Complex

MOL Group

CRACK SPREADS (USD/bbl)

0

5

10

15

20

25

Q3 17

Q1 17

Q3 16

Q1 16

Q3 15

Q1 15

Q3 14

Q1 14

Q3 13

Q1 13

Q3 12

Q1 12

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

Q3 15

Q1 15

Q3 14

Q1 14

Q3 13

Q1 13

Q3 12

Q1 12

Q3 17

Q1 17

Q3 16

Q1 16

0

200

400

600

800

Q3 17

Q1 17

Q3 16

Q1 16

Q3 15

Q1 15

Q3 14

Q1 14

Q3 13

Q1 13

Q3 12

Q1 12

200

220

240

260

280

300

Q1 17

Q3 16

Q1 16

Q3 15

Q1 15

Q3 14

Q1 14

Q3 13

Q1 13

Q3 12

Q1 12

Q3 17

270

280

290

300

310

320

Q3 17

Q1 17

Q3 16

Q1 16

Q3 15

Q1 15

Q3 14

Q1 14

Q3 13

Q1 13

Q3 12

Q1 12

0

5

10

15

20

25

Q1 12

Q3 17

Q1 17

Q3 16

Q1 16

Q3 15

Q1 15

Q3 14

Q1 14

Q3 13

Q1 13

Q3 12

-25

-20

-15

-10

-5

0

Q1 17

Q3 17

Q3 16

Q1 16

Q3 15

Q1 15

Q3 14

Q1 14

Q3 13

Q1 13

Q3 12

Q1 12

40

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

Q2 2017 Q3 2017Q3 2016

Restated

YoY

Ch %Income Statement (HUF mn) Q1-Q3 2017

Q1-Q3 2016

RestatedCh %

1,008,364 1,045,980 962,350 9 Net sales 3,009,643 2,569,924 17

17,197 (6,437) 6,740 n.a. Other operating income 21,095 18,128 16

1,025,561 1,039,543 969,090 7 Total operating income 3,030,738 2,588,052 17

747,708 792,661 701,948 13 Raw material and consumables used 2,258,330 1,846,989 22

62,915 61,716 55,047 12 Personnel expenses 183,232 174,434 5

71,789 72,510 74,319 (2)Depreciation, depletion, amortisation and

impairment215,444 224,300 (4)

16,224 (179) 7,023 n.a.Change in inventory of finished goods &

work in progress(23,436) (10,603) 121

(17,871) (14,436) (13,745) 5Work performed by the enterprise and

capitalized(40,675) (38,522) 6

38,384 61,167 52,097 17 Other operating expenses 145,322 141,424 3

919,149 973,438 876,689 11 Total operating expenses 2,738,216 2,338,022 17

106,412 66,105 92,401 (28) Profit / (loss) from operation 292,520 250,030 17

21,703 13,549 14,029 (3) Finance income 48,192 36,087 34

16,476 18,558 20,154 (8) Finance expense 51,632 53,455 (3)

5,227 (5,009) (6,125) (18) Total finance gain / (expense), net (3,440) (17,368) (80)

6,514 5,920 (131) n.a. Income from associates 6,428 2,512 156

118,153 67,016 86,145 (22) Profit / (loss) before tax 295,508 235,174 26

22,077 11,765 15,580 (24) Income tax expense 50,539 18,639 171

96,075 55,252 70,565 (22) PROFIT / (LOSS) FOR THE PERIOD 244,969 216,535 13

Attributable to:

88,794 47,675 67,337 (29) Equity holders of the parent 230,345 220,034 5

7,281 7,576 3,229 135 Non-controlling interests 14,624 (3,499) n.a.

126 68 93 (27)

Basic earnings per share attributable to

ordinary equity holders of the parent

(HUF)

328 298 10

126 68 93 (27)

Diluted earnings per share attributable to

ordinary equity holders of the parent

(HUF) (6)

328 298 10

41

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Balance Sheet (HUF mn) 30 Sep 201731 Dec 2016

RestatedCh %

Assets

Non-current assets

Property, plant and equipment 2,142,986 2,193,419 (2)

Intangible assets 188,859 183,561 3

Investments in associated companies

and joint ventures216,722 257,090 (16)

Other non-current financial assets 79,361 63,652 25

Deferred tax asset 113,228 125,055 (9)

Other non-current assets 45,082 44,403 2

Total non-current assets 2,786,238 2,867,180 (3)

Current assets

Inventories 397,801 385,142 3

Trade and other receivables 563,302 476,531 18

Securities 38,856 53,910 (28)

Other current financial assets 25,079 26,829 (7)

Income tax receivable 14,671 7,945 85

Cash and cash equivalents 145,878 216,928 (33)

Other current assets 68,801 66,239 4

Assets classified as held for sale 2,181 3,082 (29)

Total current assets 1,256,569 1,236,606 2

Total assets 4,042,807 4,103,786 (1)

Equity and Liabilities

Shareholders’ equity

Share capital 79,279 79,260 0

Reserves 1,359,127 1,149,315 18

Profit/(loss) for the year attributable to

equity holders of the parent230,345 263,497 (13)

Equity attributable to equity holders of

the parent1,668,751 1,492,072 12

Non-controlling interest 319,233 309,554 3

Total equity 1,987,984 1,801,626 10

Non-current liabilities

Long-term debt 426,967 436,922 (2)

Other non-current financial liabilities 8,685 6,160 41

Provisions - long term 393,666 405,175 (3)

Deferred tax liabilities 52,493 47,766 10

Other non-current liabilities 23,272 22,658 3

Total non-current liabilities 905,083 918,681 (1)

Current liabilities

Short-term debt 170,437 440,372 (61)

Trade and other payables 496,919 493,389 1

Other current financial liabilities 186,254 202,056 (8)

Provisions - short term 33,200 32,423 2

Income tax payable 11,282 2,615 331

Other current liabilities 251,648 212,624 18

Total current liabilities 1,149,740 1,383,479 (17)

Total equity and liabilities 4,042,807 4,103,786 (1)

42

CONSOLIDATED STATEMENT OF CASH FLOW Q2 2017 Q3 2017

Q3 2016

Restated

YoY

Ch %Cash Flow (HUF mn) Q1-Q3 2017

Q1-Q3 2016

RestatedCh %

118,153 67,016 86,145 (22) Profit / (loss) before tax 295,508 235,174 26

Adjustments to reconcile profit before tax to net cash

provided by operating activities

71,789 72,541 74,319 (2)Depreciation, depletion, amortisation and

impairment215,475 224,300 (4)

(15,198) (307) 3,275 n.a. Increase / (decrease) in provisions (18,448) (29,268) (37)

4,543 (651) (167) 289 Net (gain) / loss on asset disposal and divestments 4,154 (1,206) n.a.

6,873 5,844 10,954 (47) Net interest expense / (income) 21,923 30,219 (27)

(12,099) (851) (4,829) (82) Other finance expense / (income) (18,498) (12,852) 44

(7,375) (5,920) 130 n.a. Share of net profit of associates and joint venture (6,428) (2,512) 156

(8,517) 13,832 (2,912) n.a. Other non-cash item (1,600) 3,712 n.a.

(8,848) (10,291) (17,806) (42) Income taxes paid (30,740) (40,021) (23)

149,321 141,213 149,109 (5)Operating cash flow before changes in working

capital461,346 407,546 13

61,192 42,851 (18,755) n.a. Total change in working capital o/w: (26,869) (70,811) (62)

29,585 3,688 4,156 (11) (Increase) / decrease in inventories (15,948) 7,903 n.a.

(14,808) (63,637) 17,281 n.a. (Increase) / decrease in trade and other receivables (124,160) (70,353) 76

26,591 65,271 (40,314) n.a. Increase / (decrease) in trade and other payables 42,533 (409) n.a.

19,824 37,529 122 n.a. Increase / decrease in other assets and liabilities 70,706 (7,952) n.a.

210,513 184,064 130,354 41 Net cash provided by / (used in) operating activities 434,477 336,735 29

(67,897) (64,654) (61,570) 5 Capital expenditures (187,773) (198,834) (6)

4,403 713 1,000 (29) Proceeds from disposal of fixed assets 6,056 3,165 91

(98) (876) (24,002) (96) Acquisition of businesses (net of cash) (2,601) (29,051) (91)

(111) - - n.a. Proceeds from disposal of businesses (net of cash) 9,996 (4,000) n.a.

16,384 (12,857) (10,944) 17 Increase / decrease in other financial assets (489) 10,563 n.a.

9,754 1,885 2,541 (26) Dividends received 14,252 7,228 97

1,671 1,010 389 160 Interest received and other financial income 3,399 1,903 79

(35,894) (74,779) (92,586) (19) Net cash (used in) / provided by investing activities (157,160) (209,026) (25)

- - - n.a. Issuance of long-term notes - 233,348 (100)

(234,840) - - n.a. Repayment of long-term notes (234,840) - n.a.

264,787 241,273 184,171 31 Proceeds from loans and borrowings received 680,490 665,963 2

(262,918) (286,958) (232,977) 23 Repayments of loans and borrowings (708,214) (718,160) (1)

(29,149) (11,590) (17,843) (35) Interest paid and other financial costs (40,474) (43,625) (7)

(53,373) 381 (63) n.a. Dividends paid to shareholders (52,992) (47,814) 11

(3,358) (429) (37) n.a. Dividends paid to non-controlling interest (3,787) (2,533) 49

(4) (1) (15) (95) Transactions with non-controlling interest (23) (189,574) (100)

(318,855) (57,324) (66,764) (14) Net cash (used in) / provided by financing activities (359,840) (102,395) 251

186 (477) (4,373) (89)Currency translation differences relating to cash

and cash equivalents(2,021) (1,274) 59

(144,050) 51,484 (33,369) n.a. Increase/(decrease) in cash and cash equivalents (84,544) 24,040 n.a.

224,951 80,901 189,246 (57)Cash and cash equivalents at the beginning of the

period216,928 131,838 65

from which:

229,687 92,032 189,246 (51) - presented as cash and cash equivalents (assets) 216,928 131,838 65

4,736 11,131 - -presented as overdraft (liabilities) -

80,900 132,385 155,877 (15) Cash and cash equivalents at the end of the period 132,384 155,878 (15)

from which:

92,032 145,878 155,877 (6) - presented as cash and cash equivalents (assets) 145,878 155,878 (6)

11,131 13,493 - n.a. -presented as overdraft (liabilities) 13,493 - n.a.